The post Gold Shines As Ethereum ETFs Plunge: Will ETH Fall to $2K? Peter Schiff Weighs In! appeared first on Coinpedia Fintech News

The much-anticipated debut of Ethereum (ETH) spot ETFs in the U.S. has sent shockwaves through the crypto market. Contrary to expectations, ETH’s price has plummeted since the ETFs launched. Is this the beginning of the end for the second-largest cryptocurrency?

Renowned economist and global strategist Peter Schiff has added fuel to the fire, highlighting the stark contrast between the declining fortunes of Ethereum and Bitcoin and the steady rise of gold. Read on to discover why Schiff believes this trend could change everything.

It’s Been a Rough Start for Ethereum ETFs

Ethereum ETFs had a disappointing debut, attracting only $107 million in net inflows on their first day. This is far less than the $655 million that Bitcoin ETFs drew on their launch day. In the two weeks since their introduction, Ethereum ETFs have faced large outflows, with Grayscale’s Ethereum ETF experiencing a $61.4 million outflow.

Schiff notes that Ethereum ETFs have fallen by 15% in just two weeks, ending the period at new lows. This decline has pushed Ethereum’s price below $3,000, marking a 5.3% drop in the last 24 hours and nearly 9% over the past week. Schiff warns that Ethereum might fall another 30% from its current levels and could drop below $2,000 if outflows continue.

Gold Shows Resilience

While cryptocurrencies struggle, gold has gained 2% this week, showing its stability in a shaky market. Schiff emphasizes his long-standing belief in gold as a more reliable investment, stating, “The race is over. Gold wins the medal.”

Bitcoin Volatility Persists

Bitcoin, on the other hand, has dropped 10% this week currently trading at $61,613, making it look much less stable compared to gold. Schiff argues that Bitcoin’s ups and downs make it a riskier investment.

Japanese Market Concerns

Schiff also highlights Bitcoin’s poor performance in the Japanese market, where it has dropped 13% in Japanese yen. This is worrying for Japanese investors who had seen Bitcoin as a safe haven. In contrast, gold’s drop in yen terms has been only 2.5%, especially noteworthy given that Japanese stocks fell by 7.3% over the week. Schiff suggests that Japanese investors might soon turn to more stable assets like gold.

Also Check Out : U.S. Inflation Reaccelerates: Core PPI Hits Highest Level Since 2022, What It Meant For Crypto 

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The post Gold Shines As Ethereum ETFs Plunge: Will ETH Fall to $2K? Peter Schiff Weighs In! appeared first on Coinpedia.org.